Canadian GDP came in at zero growth versus an expected 0.7% to the surprise of economists. The US GDP report came in better than expected. Canadian payroll data rose for the first time since it peaked in October 2008.
The market condition scans remain with a slightly positive bias but energy remains weak. At the moment, we are seeing mostly profit-taking and not strong selling pressure. Futures and the DAX are positive, indicating a positive open. The market bias indicators are neutral, indicating no strong directional bias.
Yesterday, markets closed marginally down with the exception of the TSX, which had a small gain.
| Index | Change | %Change | Level | Phase |
| TSX | +56.27 | +0.50% | 11394.99 | Bullish |
| DJIA | -47.16 | -0.48% | 9742.20 | Bullish |
| Nasdaq | -6.70 | -0.31% | 2124.04 | Bullish |
| SP 500 | -2.37 | -0.22% | 1060.61 | Bullish |
| Russell 2000 | -2.77 | -0.45% | 610.45 | Bullish |
| NYSE | -12.94 | -0.19% | 6926.82 | Bullish |
Source: Telechart
Short Term market outlook:
Bias: Scans showing a slightly positive bias
Energy: weak
Primary Trend: sideways
| Sector | Phase |
| Consumer Staples | Bullish |
| Healthcare | Bullish |
| Technology | Bullish |
| Utilities | Bullish |
| Energy | Bullish |
| Financials | Bullish |
| Industrials | Bullish |
| Materials | Bullish |
| Consumer Discretionary | Bullish |
Source: Telechart
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